Briefs: Hefty remediation bill, former CBA staffer on fraud charges
Banking analyst Brett Le Mesurier "has put an estimate of at least A$6 billion on consumer refunds, reviews and litigation for the big four banks and AMP," the Financial Review reports. Le Mesurier's $6 remediation billion figure is calculated on a pre-tax basis, and includes the cost of implementing the programs as well as forecasts for 2019. Former Commonwealth Bank employee Andrew Cameron was committed to stand trial on one count of conspiracy to defraud, after a five-day committal hearing in the Melbourne Magistrates' Court, ASIC said on Friday. Cameron has entered a plea of not guilty and remains on bail. His trial will be held in the County Court of Victoria on a date to be fixed. ASIC alleges the conspiracy involved approximately 121 loan applications and resulted in CBA lending approximately A$36 million.